Das Google-Suchvolumen als Liquiditätsindikator des Aktienhandels: Evidenz aus dem weltweiten Agrarsektor
Year: 2014
Author: Pöppe, Thomas, Schiereck, Dirk, Zielinski, Frank
Credit and Capital Markets – Kredit und Kapital, Vol. 47 (2014), Iss. 4 : pp. 611–640
Abstract
Google Search Volume as Proxy for Liquidity in Equity Trading: Evidence from the Global Agriculture Sector
Investors rely increasingly on the internet for their information research, in parallel to the use of traditional news channels. Accordingly, country-specific empirical evidence demonstrates that internet search activity has predictive power over future trading volume of listed stocks. This study analyzes the relationship of search volume and trading activity for the first time on a global scale and focused on one specific industry sector. Search volume should proxy for investors" attention especially in those branches with less than average attention from the public. Hence, we study the global agricultural sector. The results indeed support our hypothesis. Google search volume is not only highly correlated with illiquidity and trading activity but also has the largest predictive power when compared to other liquidity proxies.
Journal Article Details
Publisher Name: Global Science Press
Language: German
DOI: https://doi.org/10.3790/ccm.47.4.611
Credit and Capital Markets – Kredit und Kapital, Vol. 47 (2014), Iss. 4 : pp. 611–640
Published online: 2014-12
AMS Subject Headings: Duncker & Humblot
Copyright: COPYRIGHT: © Global Science Press
Pages: 30
Keywords: G12 G14 Kapitalmarktliquidität Investorenverhalten Internetsuche
Author Details
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